“As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate,” the blog post reads.

XRP/BTC 3-day trade volume on Beaxy. Source: Beaxy

Beaxy launched in June this year, having already experienced difficulties after an attempt to hack its infrastructure ultimately failed to gain any funds or other data.

KYC will help Beaxy track those responsible

Executives claimed the users responsible for the XRP crash can be identified thanks to the exchange’s internal Know Your Customer (KYC) procedures. Action will occur, they said, but did not specifically mention whether those involved would face legal consequences.

“We feel confident we can reclaim misplaced funds,” one of the tweets reads, adding that the suspect transactions would be reversed.

Ripple, the entity notionally behind XRP, has yet to publicly comment on the events.

The debacle comes just a week after fellow exchange and industry heavyweight, Binance, faced a publicity nightmare of its own after rumors surfaced it had lost control of its KYC data.

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

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